Guidewires sales are poised to grow at 6.5% y-o-y in 2021, subsequent to an ambiguous year in 2020. Demand is primarily bolstered by increase in acceptance of minimally invasive surgeries, together with technological progression in surgical procedures. Fact.MR, a global research & consulting firm, in the updated edition of the report, states a steady growth rate amid the assessment period, 2020-2025.
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“Technological advancement in surgical and diagnostic equipment will offer lucrative growth prospects for minimally invasive surgeries, eventually boosting demand for guidewires. Furthermore, favourable reimbursement policies implemented by government authorities will encourage the usage of guidewires”, says Fact.MR.
Need for Diverse Oxygen Supply Technologies
Pervasiveness of cardiovascular ailments increases with age, is anticipated to surge the demand for guidewires in surgical interventions. Therefore, surging geriatric population is one of the prominent drivers for the market.
Furthermore, adoption of unhealthy lifestyles such as sedentary work life, lack of physical activities, high tobacco and alcohol consumption, and higher consumption of saturated sugars and fats are increasing amid the adult population. These aspects increases the threat of chronic ailments such as cardiovascular ailments, diabetes, and obesity, which may prompt surgical interventions with a disease progression. Thus, increasing burden of chronic conditions is likely to boost the market over the assessment period.
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How Growing Coronary Disease Incidence is Steering the Market Forward
The coronary guidewires shall remain lucrative owing to the increase in occurrences of coronary ailments. A substantial number of admissions in the hospital of atherosclerosis patients is mainly contributing to the segment’s growth. The segment is anticipated to expand at a CAGR of about 7% in 2021, account for two-fifth of the overall share during 2020-2025.
On the other hand, the urology guidewires will register a CAGR of around 7.3% in 2021. This is due to pervasiveness of chronic kidney dysfunctions along with usage of dialysis catheters that will fuel the segment’s growth. Additionally, urology guidewires provides an atraumatic hydrophilic tip that provides negotiating constricted areas. Urology guidewires will attain around 15% of the overall share.
US Accounts for Nearly 40% Guidewires Market Share
The US is slated to remain lucrative in the approaching years. As per Fact.MR’s analysis, high prevalence of urological and cardiovascular ailments, together with cutting-edge healthcare infrastructure and the existence of various guidewire market players are attributed as significant growth drivers. A market share of around 2/5th is projected for the region, growing by 50% amid the projected period.
Furthermore, untapped prospects in the emerging nations such as India and China are further driving the market. In addition to India and China, market in Japan and South Korea is also set to grow at a steady pace through 2030. The APAC region is anticipated to record a CAGR of 7.5% in 2021.
Growth of businesses in developing countries propelled by increasing incidences of health problems, importing high quality guidewire brands, economic development along with favourable government policies shall encourage the region’s growth and facilitated business operations by leading players, says Fact.MR.
Constant Product Innovation Remain Significant Focus Areas: Fact.MR Survey
Guidewires market remains fragmented, with key four players holding over 50% of market share. Fact.MR’s survey with thought leaders discovered that expansion of product portfolio and offering enhanced patient comfort as lubricous coating will remain a key strategy for leading players in 2021 & beyond. The updated edition of the report provides comprehensive coverage of the projected to remain the key strategies of market players. A few of the players profiled in the report are Terumo Medical Corporation, Abbott Laboratories, Integer Holdings Corporation, Olympus Corporation Boston Scientific Corporation, and Cardinal Health. The updated edition also offers a detailed analysis of the COVID-19 impact on this market.
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